The following is a list of undervalued stocks, with Price to Earnings Growth (PEG) ratios below 1. In addition, all of these stocks trade at a deep discount to the average analyst target price (used as a proxy for fair value).

We'll be the first to admit that this is a very naive way to find undervalued companies. Analysts don't always have the best track record, and price targets may not reflect the latest information on a stock. But the goal here is to give you a starting point for your own analysis.

Analysts seem to think these companies are deeply undervalued, what do you think? Full details below.

PEG ratios and price target data sourced from Finviz.

*Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available. *

The list has been sorted alphabetically.

**1. Assured Guaranty Ltd. (NYSE:AGO):**Surety & Title Insurance Industry. Market cap of $3.59B. Current price at $19.08 vs. average analyst target price at $28.00 (implies a discount of 31.86%). PEG at 0.5. Short float at 7.31%, which implies a short ratio of 5.28 days. The stock has lost -13.91% over the last year.

**2. Credicorp Ltd. (NYSE:BAP):**Money Center Banks Industry. Market cap of $8.9B. Current price at $112.02 vs. average analyst target price at $134.09 (implies a discount of 16.46%). PEG at 0.62. Short float at 0.77%, which implies a short ratio of 1.6 days. The stock has gained 51.72% over the last year.

**3. Canon Inc. (NYSE:CAJ):**Photographic Equipment & Supplies Industry. Market cap of $63.46B. Current price at $50.7 vs. average analyst target price at $61.55 (implies a discount of 17.63%). PEG at 0.96. Short float at 0.04%, which implies a short ratio of 1.54 days. The stock has gained 22.95% over the last year.

**4. Community Health Systems, Inc. (NYSE:CYH):**Hospitals Industry. Market cap of $3.51B. Current price at $37.18 vs. average analyst target price at $44.12 (implies a discount of 15.73%). PEG at 0.97. Short float at 3.14%, which implies a short ratio of 1.76 days. The stock has lost -1.1% over the last year.

**5. Guess? Inc. (NYSE:GES)**: Apparel Stores Industry. Market cap of $3.95B. Current price at $42.13 vs. average analyst target price at $55.08 (implies a discount of 23.51%). PEG at 0.98. Short float at 7.8%, which implies a short ratio of 3.31 days. The stock has gained 7.5% over the last year.

**6. Goldcorp Inc. (NYSE:GG):**Gold Industry. Market cap of $29.89B. Current price at $40.94 vs. average analyst target price at $60.22 (implies a discount of 32.02%). PEG at 0.53. Short float at 0.94%, which implies a short ratio of 1.12 days. The stock has gained 2.84% over the last year.

**7. Petrohawk Energy Corporation (NYSE:HK):**Independent Oil & Gas Industry. Market cap of $6.03B. Current price at $19.67 vs. average analyst target price at $24.43 (implies a discount of 19.48%). PEG at 0.56. Short float at 6%, which implies a short ratio of 2.97 days. The stock has lost -22.62% over the last year.

**8. H&R Block, Inc. (NYSE:HRB):**Personal Services Industry. Market cap of $3.91B. Current price at $13.09 vs. average analyst target price at $18.24 (implies a discount of 28.23%). PEG at 0.84. Short float at 10.7%, which implies a short ratio of 4.24 days. The stock has lost -41.16% over the last year.

**9. Banco Itau Holding Financeira S.A. (NYSE:ITUB)**: Foreign Money Center Banks Industry. Market cap of $107.8B. Current price at $23.35 vs. average analyst target price at $28.57 (implies a discount of 18.27%). PEG at 0.73. Short float at 0.48%, which implies a short ratio of 1.22 days. The stock has gained 13.76% over the last year.

**10. Limited Brands, Inc. (LTD):**Apparel Stores Industry. Market cap of $9.39B. Current price at $28.87 vs. average analyst target price at $34.65 (implies a discount of 16.68%). PEG at 0.77. Short float at 3.67%, which implies a short ratio of 2.33 days. The stock has gained 53.78% over the last year.

**11. Southwest Airlines Co. (NYSE:LUV):**Regional Airlines Industry. Market cap of $9.89B. Current price at $13.11 vs. average analyst target price at $15.98 (implies a discount of 17.96%). PEG at 0.79. Short float at 2.57%, which implies a short ratio of 3.67 days. The stock has gained 17.58% over the last year.

**12. Koninklijke Philips Electronics NV (NYSE:PHG):**Electronic Equipment Industry. Market cap of $31.43B. Current price at $33.66 vs. average analyst target price at $41.45 (implies a discount of 18.79%). PEG at 0.81. Short float at 0.07%, which implies a short ratio of 0.6 days. The stock has gained 12.23% over the last year.

**13. POSCO (NYSE:PKX):**Steel & Iron Industry. Market cap of $32.62B. Current price at $104.79 vs. average analyst target price at $131 (implies a discount of 20.01%). PEG at 0.73. Short float at 0.09%, which implies a short ratio of 0.7 days. The stock has lost -19.2% over the last year.

**14. Banco Santander, S.A. (STD):**Foreign Money Center Banks Industry. Market cap of $94.47B. Current price at $11.64 vs. average analyst target price at $14.73 (implies a discount of 20.98%). PEG at 0.72. Short float at 0.15%, which implies a short ratio of 1.1 days. The stock has lost -26.03% over the last year.

**15. Tata Motors Ltd. (NYSE:TTM):**Auto Manufacturer. Market cap of $15.18B. Current price at $26.74 vs. average analyst target price at $32 (implies a discount of 16.44%). PEG at 0.77. Short float at 2.07%, which implies a short ratio of 2.25 days. The stock has gained 56.01% over the last year.

**Disclosure:**I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.